Mortgage Escrow Shock. Families are now dealing with a new troublemaker causing foreclosure actions!
In November of last year, Janet Fernandez, a California homeowner, received a notice from her mortgage company stating her mortgage escrow account that held funds to pay her homeowners insurance and property taxes was short by $4,814 because her insurance premiums had increased due to the wildfires in her area. The shortage meant that Fernandez’s […]
Foreclosures soared in 2022. 2023 projects to be even worse
Foreclosure actions increased by 99% in 2022, as the year to year foreclosure actability report increased by another shocking 57%. 2022 was the first post-covid year for everyone involved in the constant wheel of homeownership. homeowners, lenders, the servicing companies who work for them, and the foreclosure attorneys who file the foreclosure paperwork all had […]
The Rise of Zombie Debt! how homeowners are facing foreclosure on old forgotten mortgages
With the rise of property values in recent years, a new menace has found homeowners. the forgotten 2nd mortgage. The Zombie 2nd Foreclosure! Ann Garcia believed the second mortgage loan on her Los Angeles home was resolved over a decade ago, that was until she received foreclosure paperwork from a law firm, claiming she owed […]
Home buyers forced to look to riskier loans as interest rates soar and home prices crash, striking fears of a new Foreclosure Wave
Homeowner Protection Advocates, and Consumer Housing advocates warn that home buyers could find themselves in dangerous financial positions as they look for ways to cope with higher interest rates. New Home buyers feeling financially squeezed by higher interest rates are increasingly being guided by real estate agents and mortgage brokers to riskier types of mortgages […]
‘A Frightening increase.’ Foreclosure actions are up more than 150%. what could this mean to the housing market?
There has been a huge increase in foreclosure filings in the first half of 2022, but the reasons may surprise you! The number of foreclosure actions taken (when the lender takes the first public foreclosure action) is up a staggering 220% since the start of 2022. This according to real estate data analytics firm ATTOM […]
Mr. Cooper Purchases the Residential Mortgage Portfolio of Community Loan Servicing
Homeowners with loans serviced by Community Loan Servicing or Mr. Cooper need to take notice. This is important news. If you own a mortgage that is being serviced by Community Loan Servicing, you will soon be dealing with a much bigger more stern servicer. A servicer well known for earning huge profits for the investors […]
Housing Prices are great indicator of Dangerous Housing Bubble Brewing in U.S!
U.S. housing prices are demonstrating signs of a dangerous “unhinged from fundamentals” level, similar to the 2007 housing bubble that preceded the 2008 crash, according to a blog post by the Dallas Federal Reserve bank. “Our evidence points to abnormal U.S. housing market behavior for the first time since the boom of the early 2000s,” the Dallas Fed […]
Foreclosure Actions increase by 7X
For the past 2 years, real estate professionals and foreclosure consultants have been warning the nation about the foreclosure wave that would arrive once the federal pandemic moratoriums were lifted. As they predicted, foreclosure actions increased by nearly seven fold in the first 2 months of 2022. Mortgage lenders, their servicing companies, and their foreclosure attorneys filed nearly […]
Foreclosure Actions in 2022 have returned to pre-pandemic levels
The nearly two year long mortgage foreclosure freeze is over for homeowners around the country. That is terrible news for those still having trouble getting back on thier feet. However it is music to the ears of mortgage servicers and lenders. Who for almost 2 years have been sitting on the sidelines watching and unable […]
How Foreclosure Action Impacts your Credit Score
A Foreclosure is the worst record possible on your credit score. Staying 7 years as a negative record. As the nation enters 2022, a tidal wave of foreclosures actions are on the horizon. It is a fact that Foreclosure Actions are on the Rise. Hundreds of thousands of homeowners were (delinquent on mortgage payments or […]